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2018-05-24 17:15:10 CEST 2018-05-24 17:15:13 CEST REGULATED INFORMATION Landsvirkjun - Interim report (Q1 and Q3)Landsvirkjun's Q1 accounts
Highest revenue quarter recorded in financial history of the Company
Key figures from the interim financial statements
Hörður Arnarson, CEO:
“First quarter of 2018 is the highest revenue quarter recorded in the Company’s history, this is primarily due to increased energy sales and higher aluminium prices. Profit before unrealized financial items increased by nearly 28% from the same period prior year. The favourable news were received in the quarter that Moody’s upgraded Landsvirkjun’s credit rating by one notch to Baa2 which reflects improved operations position and future outlook of the Company.
Theistareykir Geothermal Power Station is currently at full 90 MW capacity, expansion of Burfell Hydropower Station is under construction and it is expected to be powered up in mid-summer 2018. The Company’s capital formation (cash flow from operations) during Q1 fully sustained these investments and furthermore decreased net liabilities from the beginning of the year.”
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